The NZDUSD currency pair has encountered significant downward pressure recently, reaching the critical support level at 0.5900. The pair has continued to register further losses since the start of the current trading day, indicating a potential attempt to breach this support and shift towards a bearish trend.
Given the current situation, it is advisable to exercise caution and closely monitor the price action as it interacts with the 0.5900 support level. A confirmed break below this level would suggest a continuation of the decline with the next target at 0.5700. Conversely, if the price manages to consolidate above this support, it may lead to a recovery towards the 0.6020 level.
For today’s trading, the expected trading range is between 0.5850 as support and 0.5970 as resistance, with the overall trend remaining uncertain, leaning towards a neutral bias.